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UK firms win contracts to market Guyana’s crude

Nov 10, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – Two United Kingdom (UK) energy firms have been awarded contracts to market Guyana’s oil from the Liza Destiny, Liza Unity and Payara Prosperity Floating Production Storage and Offloading (FPSO) vessels.

This is according to the Minister of Natural Resources, Vickram Bharrat who told this publication on Thursday that BB Energy Trading Limited was awarded a contract to market the crude from the Liza Unity and Prosperity FPSOs for US$0.26 per barrel. JE Energy was awarded a contract for to market the crude from the Liza Destiny for US$0.70 per barrel.

The contracts to market the country’s oil will last for one year.

On its website, BB Energy states that it is among the world’s leading independent energy trading companies, with eleven strategically positioned offices around the globe and over 50 years of trading experience. The company noted that it has consolidated experience in trading, operations, chartering, logistics, storage, refining, and financing.

It traded in excess of 40 million metric tonnes (MT) of crude oil, petroleum product, and gas in 2021.
JE Energy, which was incorporated in 2015, is involved in the sale of fuels, ores, metals and industrial chemicals.

The two firms were among 25 global oil entities who submitted bids for the government project back in October when bids were read at the National Procurement and Tender Administration Board (NPTAB) office.

Kaieteur News had reported that the move to market the oil aims to competitively market and maximize the value of the Government’s crude oil entitlement from developments in the Stabroek Block while fostering a competitive market for the Liza, Unity Gold, and Payara Gold blends.

In the past, Guyana had entrusted the marketing of its crude oil to BP International Limited, a subsidiary of British Petroleum, following the initial discoveries of substantial oil reserves in the Stabroek Block.

The decision to seek a new company for oil marketing, is part of Guyana’s strategy to continuously optimize its oil sector.

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